RALEIGH IBM is scheduled to announced its latest quarterly earnings today after the markets close and a big question to be answered is: Will Raleigh-based Red Hat deliver another bottom-line boost even in the times of the COVID-19 crisis?<\/p>\n
Last quarter which occurred as IBM (NYSE: IBM) was closing on the $34 billion acquistion of Red Hat the Hatters sales helped since its own sales surged 24 percent and cloud sales climbed 21 percent.<\/p>\n
Wall Street financial firm Zacks Research notes that new CEO Arvind Krishna he took over April 6 is putting more emphasis on cloud as well as emerging tech sectors such as artificial intelligence and quantum computing. (IBM works closely with NC State on quantum research.)<\/p>\n
IBMs new CEO spells out priorities, especially cloud, and makes exec changes as he takes over<\/p>\n
Last quarter, IBM surprised Wall Street with Q4 revenue growth, after five straight periods of declining sales. More specifically, Red Hat revenue jumped 24%, with total cloud revenue up 21%. Despite this solid expansion from vital growth units, IBMs overall quarterly sales only climbed 0.1%, Zacks reports.<\/p>\n
And the coronavirus could hurt sales since it emerged as a pandemic.<\/p>\n
Our Zacks estimates call for IBMs Q1 sales to slip 1.2% from the year-ago period to $17.97 billion, Zacks says.<\/p>\n
Meanwhile, its adjusted quarterly earnings are projected to fall by 24.4% to hit $1.70 a share. Peeking ahead, IBMs adjusted fiscal 2020 EPS figure is expected to slip 4.8%, on 2.6% lower revenue.<\/p>\n
On top of that, the historic tech giants consensus Q1 earnings estimate has slipped nearly 13% in the last 60 days.<\/p>\n
IBM employs thousands of people across North Carolina, including Red Hat and one of Big Blues largest corporate campuses in RTP.<\/p>\n
Read more online.<\/p>\n
Red Hat names longtime exec Paul Cormier as CEO, replacing Jim Whitehurst<\/p>\n
<\/p>\n
See the article here: RALEIGH IBM is scheduled to announced its latest quarterly earnings today after the markets close and a big question to be answered is: Will Raleigh-based Red Hat deliver another bottom-line boost even in the times of the COVID-19 crisis? Continue reading
\nCan Red Hat give IBM another boost in earnings? We'll find out soon - WRAL Tech Wire<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"